![]() So, it’s unlikely the typical homeowners insurance policy would cover things that could happen to a renter or their personal items they have at your house you would need different coverage for risks associated with that. Traditional homeowners insurance assumes your home is for your own personal use, not that you are using it as a business. ![]() A lot of people may think that their homeowners insurance policy would cover anything that happens while someone’s renting out their house or a room in their house, but that’s often not the case. While some of these “peer-to-peer” home-sharing sites offer liability insurance coverage to cover hosts and landlords, other sites may require the homeowner to provide their own coverage. You said this is something people need to plan for, before deciding to rent out their home? ![]() Airbnb has said that in the 10 years that it has been in existence, more than 300 million people have used the site. Pew also says that in 2016, 34 percent of Americans have heard of home-sharing sites but haven’t used them, and around half (53 percent) have never heard of them. How prevalent is home sharing? Is this something that a lot of people are doing?Īccording to Pew Research in 2016, roughly one in 10 Americans have used a home-sharing site to stay in someone’s home. Here are tips from Erie Insurance on how to do home sharing right! #30Seconds #homesharing #vacation #homerentals #insurance #airbnb #sponsored Some examples of home-sharing sites include,Īirbnb, FlipKey, HomeAway, OneFineStay and Vrbo. Oftentimes they will use a home-sharing site to let other people know their house is available. In the case of home sharing, people rent out their entire primary home, or part of their home like an extra bedroom, for a short stay, such as to people who are in town for a special event or vacation. Most people are familiar with car sharing, like Uber and Lyft. Homesharing is part of what’s become known as the “sharing economy” where people “share” something they own with other people who want to use it temporarily. Q: So we’re all on the same page, what exactly do we mean when we talk about home sharing? Let Erie provide you with the best sERvIcE possible! So mark your calendars! You won't want to miss the opportunity to learn from one of the best insurance companies in the business. If you're part of the home sharing community and are planning to rent your home for extra income (and especially if you already are!), you need to have proper insurance coverage to make sure you and your property are protected. Our sponsor, Erie Insurance, joined us at our #30Seconds Twitter chat and discussed home sharing and what you need to know about insurance to help you rent your home like a pro!Įrie Insurance has provided protection and service to its customers at a great price since 1925. While home sharing can be a great way to earn extra income, it also may expose you to costly risks. adults will be using services such as Airbnb for their lodging needs while traveling. According to Statista, by the year 2021, an estimated 86.5 million U.S. Have you ever considered “sharing” your home to earn extra income? The concept of home sharing is becoming more and more popular as travelers look for unique, affordable and more personal travel experiences.
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